Estate Planning Needs for Expanding Lifespans

October 16, 2019

Senescence, or biological aging, refers to thegeneral deterioration of a person’s physiological functions, leading toincreased susceptibility to diseases and ultimately death. According to a recent report from the National Center forHealth Statistics, the average American can expect to live 78.6 years if sparedfrom terminal illnesses and fatal accidents.

A study led byscientists from Imperial College London in collaboration with the World Health Organizationanalyzed long-term data on mortality and longevity trends to predict how lifeexpectancy will change by 2030. Average life expectancy is set to increase by2030 -- and likely will exceed 90 years, according to this new research.

Without ProperFinancial and Estate Planning in Place Many People Will Begin to Outlive TheirAssets

Outliving one’s assetsis a looming fear for many aging adults and in light of expanding lifespans isbecoming more of a reality than ever before. To prevent this issue and gaincontrol of the situation, every person over 55 should:

  • Take an inventory ofcurrent assets and liabilities.
  • Seek advice from anexperienced financial planner and estate planning attorney.
  • Put together acomprehensive financial plan to pay down debts, make investments according tothe appropriate risk tolerance, and look into investment vehicles that assistwith cash flow.
  • Evaluate whether it makessense to purchase long term care insurance.
  • Create an estate planthat takes into account financial goals.

With the right planning, you can preserve and protect your assets notonly allowing you to outlive your assets, but also leaving an inheritance toyour children and grandchildren.

Longer lifespans may adversely affect the wealthy by delaying expected inheritances. Adult children historically expected to inherit from their parents while in their 40s or 50s, yet now many must wait until their 70s or even 80s, as their parents live into their 90s or beyond. This situation can also be addressed with proper planning and gifting. For more information on estate planning in the Greater Baltimore area contact Stouffer Legal at 443-470-3599.

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